【腾讯控股（0700.HK）】主营业务超预期，资本开支短期扰动，AI生态价值逐步显现——25年三季报业绩点评（付天姿/宾特丽亚）

Core Viewpoint - Tencent Holdings reported strong Q3 2025 earnings, with revenue and profit exceeding market expectations, driven by robust performance in gaming and advertising sectors [4][5][6]. Group 1: Financial Performance - In Q3 2025, Tencent achieved operating revenue of 192.9 billion yuan, a year-on-year increase of 15.4%, surpassing Bloomberg consensus expectations by 2.15% [4]. - Non-IFRS operating profit reached 72.6 billion yuan, exceeding consensus by 0.58%, with an operating margin of 37.6%, slightly below the expected 38.2% due to higher sales and R&D expenses [4]. - Non-IFRS net profit was 70.6 billion yuan, exceeding consensus by 6.84%, with a net profit margin of 36.6%, reflecting a year-on-year increase of 0.8 percentage points [4]. Group 2: Gaming Sector - Tencent's gaming revenue for Q3 2025 was 63.6 billion yuan, a year-on-year increase of 22.8%, significantly exceeding consensus expectations by 5.21% [5]. - Domestic gaming revenue was 42.8 billion yuan, up 14.7% year-on-year, with the game "Delta Force" ranking third in the domestic industry, and daily active users (DAU) increasing from 20 million to 30 million [5]. - Overseas gaming revenue reached 20.8 billion yuan, a year-on-year increase of 43.4%, greatly surpassing expectations by 14.8%, driven by growth from Supercell and new game studio acquisitions [5]. Group 3: Advertising and Enterprise Services - Marketing services revenue was 36.2 billion yuan, a year-on-year increase of 20.8%, exceeding consensus expectations by 1.81%, supported by improved ad loading rates and AI-driven ROI enhancements [6]. - Financial technology and enterprise services revenue was 58.2 billion yuan, a year-on-year increase of 9.6%, also surpassing expectations by 0.07% [7]. Group 4: Capital Expenditure and AI Strategy - Capital expenditure for Q3 2025 was 13 billion yuan, a year-on-year decline of 24%, falling short of expectations by 43.9%, primarily due to supply chain issues [8]. - The company increased its investment in AI research and development, with R&D expenses reaching a record high for a single quarter, focusing on AI Agent integration with its social ecosystem [8].